A tablet screen displays the logo of the social networking site Facebook through a magnifying glass, in Bogota, on March 22, 2018. 9Photo by LUIS ACOSTA / AFP)
London, United Kingdom — Britain’s competition watchdog said Wednesday it had fined social network giant Facebook over £50 million for a “deliberate” failure to supply information linked to its takeover of animated graphics startup Giphy.
The Competition and Markets Authority (CMA) said the fine totaling £50.5 million ($69.5 million, 60 million euros) was imposed for “consciously refusing to report all the required information” concerning the purchase last year.
“We warned Facebook that its refusal to provide us with important information was a breach of the order but, even after losing its appeal in two separate courts, Facebook continued to disregard its legal obligations,” Joel Bamford, senior director of mergers at the CMA, said in a statement.
“This should serve as a warning to any company that thinks it is above the law.”
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The CMA said it was the first time a company had been found to have consciously breached such an order.
“Given the multiple warnings it gave Facebook, the CMA considers that Facebook’s failure to comply was deliberate.”
